Paytm SBI Credit Card – Benefits, Fees & Eligibility

Introduction

The Paytm SBI Credit Card is a co-branded, entry-level credit card launched in partnership with Paytm by SBI Cards. It is primarily positioned for individuals who frequently use the Paytm app for their online transactions and for those new to credit cards. This card offers a robust cashback program, providing up to 3% cashback on Paytm Mall, movies, and travel, along with a complimentary Paytm First Membership. It also includes a Cyber Fraud Insurance cover for added security. Please note that this card has been discontinued.

Welcome Benefits

• Enjoy a complimentary Paytm First Membership, which is valued at Rs. 899 and offers benefits worth up to Rs. 25,000.
• This membership is activated post your first successful retail transaction on the card.

Fees

• Joining Fee: Rs. 499 + taxes
• Renewal Fee: Rs. 499 + taxes (from the second year onwards)
• Spend-Based Waiver: Get a complimentary Paytm First Membership voucher on achieving annual retail spends of Rs. 1 Lakh.
• Rewards Redemption Fee: Rs. 99 while redeeming specific vouchers, gifts, and cash redemption.
• Foreign Currency Markup: 3.5% of the amount transacted.
• Interest Rates: 3.50% per month (42% per annum).
• Fuel Surcharge Waiver: 1% fuel surcharge will be waived off at all fuel stations in India for transactions between Rs. 500 and Rs. 3,000. The maximum surcharge waiver per statement cycle is capped at Rs. 100.
• Cash Advance Charges: 2.5% of the amount withdrawn, subject to a minimum of Rs. 500.
• Add-on Fee: Nil.

Rewards

• Cashback Structure:
  • Earn 3% Cashback on every Rs. 100 spent on all Paytm Mall, movies, and travel.
  • Earn 2% Cashback on every Rs. 100 spent on all other purchases made on the Paytm App.
  • Earn 1% Cashback on every Rs. 100 spent on any other offline/online transactions.
  • Cashback is not applicable on e-wallet loading transactions.
• Future Reward Structure Update: Effective 1st July 2024, the Cashback earned on spends with your Paytm SBI Card will be replaced with Reward points of equivalent value, where 1 Reward Point = Re. 1.
• Milestone Benefits: Receive an e-voucher for renewal of Paytm First Membership on annual retail spends of Rs. 1 Lakh.
• Cyber Fraud Insurance: Get a Cyber Fraud Insurance cover of Rs. 1,00,000 in case of any deceitful transactions reported within the pre-defined time period.

Rewards Redemption Guide

• Cashback can be redeemed against Paytm Gift voucher balance.
• Reward points can be redeemed on a minimum value of Rs. 100 against the Paytm Gift voucher balance.
• As per the upcoming change (effective 1st July 2024), 1 Reward Point will be equivalent to Re. 1.

Card Eligibility Criteria

• The age of the applicant should be a minimum of 18 years.
• The applicant should be either salaried or self-employed and possess a good credit score.

Card Review

The Paytm SBI Card is a basic entry-level card designed for individuals new to credit cards or those with a limited credit background. It charges a nominal annual fee of Rs. 499 + taxes. The card's primary strength lies in its cashback program, offering up to 3% on specific Paytm categories like Mall, movies, and travel, and 2% on other Paytm app spends. A significant benefit is the complimentary Paytm First Membership, which provides substantial value. This card is particularly well-suited for users who frequently transact on the Paytm app. However, cashback is not applicable on e-wallet loading transactions. For a beginner looking to enter the world of credit cards and maximize savings on Paytm-related spends, this card presents a valuable option.

Important Product Details

• 3% Cashback on every Rs. 100 spent on Paytm Mall, movies, and travel.
• 2% Cashback on every Rs. 100 spent on all other purchases on the Paytm App.
• 1% Cashback on every Rs. 100 spent on any other offline/online transactions.
• Complimentary Paytm First membership worth Rs. 899, offering benefits up to Rs. 25,000.
• Liability Protection cover of Rs. 1,00,000 in case of fraudulent transactions.
• 1% Fuel surcharge waiver on fuel transactions between Rs. 500 and Rs. 3,000, with a maximum waiver of Rs. 100 per statement cycle.
• Cashback is not applicable on e-wallet loading transactions.
• The card is globally accepted in over 24 million outlets, including 3,25,000 outlets in India, wherever Visa is accepted.
• Smart Card Control features are available on the Paytm App or SBI Card App, including Spend Analyzer, Smart Spend Control, One Tap Lock/Unlock, and Convenient Card Re-issue.
• Add-on cards can be issued for parents, spouse, children, or siblings above the age of 18.
• Flexipay EMI allows conversion of eligible purchases of Rs. 2,500 or more into easy monthly EMIs.
• Easy Bill Pay Facility is available for utility bills (electricity, telephone, mobile, etc.).
• Balance Transfer on EMI allows transferring outstanding balances from other banks’ credit cards to the Paytm SBI Card at a lower interest rate, repayable in easy EMIs.
• This card has been discontinued.

Other Details

• Documents Required:
  • Identity Proof: Ration Card, Voter’s Id, Aadhar Card, PAN Card.
  • Address Proof: Aadhar Card, Ration Card, Utility bills (not older than three months).
  • Proof of Income: Latest bank statements/salary slips, or latest audited ITR.
• How To Apply: The card can be applied for online via the SBI Card’s official website or the Paytm app, or offline by visiting the nearest State Bank branch.
• Cheques payable outside clearing zones are not accepted; only local cheques or drafts payable in Delhi are accepted for payment.
• All applicable taxes would be charged on all fees, interest, and other charges.
• The value proposition of the co-brand product may be jointly funded by SBI Card and the co-brand partner, involving potential fee and revenue sharing.
• Continued use of the card will be deemed as acceptance of any amendments in the Terms and Conditions.
• For assistance, contact the SBI Card Helpline at 1860 180 1290 or 39 02 02 02 (prefix local STD code).
• Any disputes arising between the Cardholder and SBICPSL are subject to arbitration by a sole arbitrator appointed by SBICPSL, conducted in New Delhi in English, as per the Arbitration and Conciliation Act, 1996.
• SBICPSL may engage agents or third parties for marketing, sales, or related services.